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A basic understanding of property investment and the benefits of working with a property sourcer can mean you get the most out of your money. The role of a property sourcer is an important one so it’s important to research them in-depth. We will explore the benefits of working with a property sourcer and how their work compares to attending auctions to bid on properties on your own. 

Property sourcing is the process of finding properties to invest in. The aim is to find properties of excellent value with solid opportunities and a good investment grade. The benefit of working with a property sourcer is that they are constantly on the lookout for such properties, so they have a good concept of the area around them and its potential. This gives potential investors the opportunity to expand their portfolio lucratively. 

Time is money

Choosing a suitable investment is not a decision that should be taken lightly, meaning a lot of time and money has to be invested in knowing you’re making the right one. When it comes to a property sourcer, they have already spent both time and money learning the industry and want to share their knowledge with investors to guarantee success. Going into an investment with the knowledge of a time-served property sourcer not only gives you confidence but shows the seller that you know what you’re talking about and they will take your offer seriously. 

The level of input you put into your property investment journey financially will determine the opportunity that arises as an outcome. A Property sourcer works with you and your budget in mind to find an unmissable deal. It is also a good idea to involve a property investment consultancy to ensure you aim for the right investment for your budget.  

Leveraging their connections 

A professional sourcer will have built up a great network of connections that can and should be utilized while discussing investment opportunities. When you pay for a sourcer, you pay for the relationships they have nurtured over the years. Property sourcers are often focused in one particular area, the North East, for example, meaning they will be familiar with local estate agents. The agents will work with the sourcer to bring in deals and keep them up to date with local developments. Property sourcing is perfect for time-poor investors. Combining considerable cost savings and leveraging a property sourcer’s network can quickly aid investors’ growth. 

Attending an auction

The sense of urgency in an auction environment means that you must do your research on the listed properties beforehand. You don’t want to get caught up in the moment and bid on the wrong house and miss out on the one you want. 

Purchasing through auctions is becoming a lot more popular, meaning the market is increasingly competitive. More investors are looking to secure a bargain driving the house prices up, great news for the sellers but not so great if you’re the investor. 

Movement on your budget is key if buying at auction. Just like you can be blinkered into bidding on the wrong property, you can easily overpay for the right house. It is important to go into an auction knowing the guide price and actual selling price for a property is often very different so be aware your budget has to accommodate this. 

The legal side of buying at an auction is a lot quicker than buying through an estate agent. Once your bid is confirmed at auction, that is effectively you signing on the dotted line and agreeing to buy that property, so it’s vital to keep your wits about you and not overpay for something you can’t afford. 

Whether it be through a property sourcer or attending an auction, finding a property to invest in is an exciting time. However, it must be a decision you reach through thorough research to make sure, either way, you get the best out of your money. 

For further advice on working with a property sourcer and their benefits, please contact us at Blue Skies Property Investment. We’ll be happy to help!